Stock Market Bulls Should Be Frightened by These Numbers

Despite stocks trying to stage a recover this week after a two week slumber on trade war fears, the market's internals still look bearish. U.S. stock funds and ETFs had the second largest outflow this year of $29.3 billion for the week-ended June 27, according to Bank of America Merrill Lynch. The outflow was slightly below the record $29.5 billion seen during the February market correction and up from a $7.4 billion outflow a week earlier.

Where the money went speaks volumes about Wall Street's true mood right now.

And where the money has come out of isn't a shocker. High growth, momentum tech stocks such as Nvidia (NVDA) and Micron (MU) have been battered this month. Meanwhile, the Utilities Select Sector SPDR ETF (XLU) has popped 2.4% in one month's time.